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WorksheetsReal Estate Principles Unit 8 multiple choice 2 (10 thru 20)
Total questions: 11
Worksheet time: 6mins
How would a loan for the purchase of a residence appear on the buyers closing statement?
Credit to buyer, debit to seller
Debit to buyer, credit to seller
Credit to buyer
Debit to buyer
Which of the following is regarded as a recurring cost in a closing statement?
Escrow fees
Recording fees
Impound accounts
Premiums for title insurance
A buyer who wishes to insure title to real property when it is purchased, should secure a(n)
Guarantee of title
Abstract of title
Certificate of title
Title insurance policy
Which of the following title insurance policies protects against all risks?
Standard policy
Extended policy
A.L.T.A. policy
No policy insures against all risks
When buying a home, a purchaser was given a grant deed and a standard policy of title insurance. Which of the following is warranted by the seller, but is not covered by the standard policy of title insurance?
The grantor is legally competent
The grantor actually signed the deed
The grand tour has placed no undisclosed liens against the property
There are no forged deeds in the chain of title
Which of the following is not covered by title insurance?
A zoning, ordinance, regulation, or plan
Loss due to a missing signature of a spouse on the deed to community property
Unpaid county property tax, not shown on the policy
Incompetence of a former seller
Which system of land description employees meridians and baselines?
Metes and bounds
Public Land Survey System
Subdivision system
Lot, block, and tract system
County governments levy taxes through
Property taxes
Special assessments
Transfer taxes
All of the above
An example of an AdvilAn example of an ad valorem tax would be?
Income tax
Estate tax
Bridge toll
Property tax
How do special property tax assessments differ from annual property tax assessments?
Annual assessments have priority over special assessments
Special assessments are imposed only by local authorities
Judicial foreclosure is required for unpaid special assessments
Special assessments provide for local improvements
After a property is declared tax-defaulted for failure to pay property, taxes, the occupant of the property
Must vacate immediately
May pay rent to the state of California
May continue to reside on the property unhindered
Is freed of tax obligations immediately
